Table 1.1 GDP and GNP at constant 2022 prices, Q3 20241 | ||
Amount €m | Quarterly % change | |
Gross Domestic Product | 124,509 | 3.5 |
Gross National Product | 96,532 | 0.9 |
Modified Final Domestic Demand | 62,661 | 1.3 |
1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted |
Estimates for the third quarter of 2024 indicate that GDP grew by 3.5% in real terms in Q3 2024 compared to the previous quarter while GNP rose by 0.9%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending increased by 1.3% in Q3 while Compensation of Employees rose by 0.6% quarter-on-quarter.
Looking at the first nine months of 2024, the economy contracted by 1.7% in GDP terms while in terms of GNP it expanded by 2.2% compared with the equivalent nine-month period in 2023. Modified Domestic Demand for the year to date rose by 3.1% while Compensation of Employees increased by 3.0% over the same period.
GDP | GNP | MDD | |
Q1 2022 | 3.6616929707292 | -5.93758134166081 | -0.152460669795162 |
Q2 2022 | 2.4913961960165 | 5.88476006492198 | 6.19252638012706 |
Q3 2022 | 2.53524688428175 | -5.64643579959057 | -0.465550462260778 |
Q4 2022 | 0.310433099824992 | 4.68542927106275 | -1.54800308119413 |
Q1 2023 | -5.38298919824643 | -4.01683022450908 | 2.24566673378308 |
Q2 2023 | -1.2155862534434 | 10.5468172382241 | 0.252768308294438 |
Q3 2023 | -2.2273693268532 | -1.97993045134096 | -0.574645519754524 |
Q4 2023 | -1.35224283230136 | 3.19172189163557 | 1.86926560854459 |
Q1 2024 | 0.59628865442749 | -6.06588971960954 | 0.993948661983701 |
Q2 2024 | -0.25237344741017 | 4.63435493135251 | -0.0714067274248276 |
Q3 2024 | 3.51359904414694 | 0.923655456881312 | 1.28096682871224 |
Get the data: NAQ03
Industry (excl. Construction) | Information & Communication | Public Admin, Education & Health | Professional, Admin & Support Services | Distribution, Transport, Hotels & Restaurants | Real Estate Activities | Financial & Insurance Activities | Construction | Agriculture, Forestry & Fishing | Arts, Entertainment & Other Services | |
Q2 2024 | 34.2683871457 | 23.8107644971 | 11.7591845572 | 14.3319664128 | 12.054087658 | 7.1600494693 | 4.4393246855 | 2.9270675818 | 1.5203745868 | 1.4468172654 |
Q3 2024 | 39.0674784321 | 25.3086340636 | 11.7450933112 | 14.8439810892 | 12.0172503991 | 7.3477285075 | 4.6149848422 | 3.0301997848 | 1.5403622842 | 1.4527030129 |
Get the data: NAQ02
The MNE dominated sectors of the economy increased by 9.1% overall in the third quarter of 2024. Value added for the MNE dominated Industry (excluding Construction) sector expanded by 14.0% in Q3 compared with the previous quarter, while the Information & Communication sector recorded an increase of 6.3% in the quarter. The domestically facing sectors of the economy taken collectively posted a rise of 1.5% overall in the third quarter of 2024. The Finance & Insurance sector grew by 4.0% in volume terms quarter-on-quarter in Q3 while the Professional & Administrative services sector increased by 3.6% over the period compared with Q2 2024. The domestic facing Construction sector rose by 3.5% in Q3 while the Real Estate sector increased by 2.6% over the same period. The domestically dominated Agriculture, Forestry & Fishing and Arts & Entertainment sectors posted modest increases of 1.3% and 0.4% respectively in Q3 2024 quarter-on-quarter. The Distribution, Transport, Hotels & Restaurants sector declined by 0.3% in the quarter while the Public Administration, Education & Health sector fell by 0.1%. (See Tables 2.5 and 6.3).
Looking at the year-to-date results for 2024 compared with the equivalent nine months of 2023, the MNE dominated sectors contracted by 6.5% over the period while the Domestic-facing sectors grew by 2.7%. (See Table 6.2)
Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
Q1 2022 | 32.2081698381 | 11.901219547 | 23.8391563641 | 1.5723776132 | 56.2143029279 | 56.7429863533 | 126.1395291935 |
Q2 2022 | 33.4571364841 | 12.1544352724 | 27.3689476834 | 3.9352383532 | 53.1678474705 | 60.2568107521 | 129.2821646255 |
Q3 2022 | 34.3729456878 | 12.2615546401 | 29.7985657671 | 3.2799068632 | 52.5933658304 | 59.9762848911 | 132.5597866761 |
Q4 2022 | 34.6124956167 | 12.2770314619 | 29.5089737189 | -0.1216929668 | 53.6755838444 | 59.047850153 | 132.971296131 |
Q1 2023 | 34.7845399174 | 12.3311363827 | 24.845003279 | 2.6296438651 | 53.0494774119 | 60.3738680809 | 125.8134656235 |
Q2 2023 | 35.3639222984 | 12.5237055089 | 24.77142945 | 5.4105571551 | 43.6411057223 | 60.5264740859 | 124.2840944304 |
Q3 2023 | 35.2021030425 | 12.8371749734 | 24.094521879 | 4.0388224251 | 43.7721991568 | 60.1786614143 | 121.5158286329 |
Q4 2023 | 35.8556856327 | 12.9559157586 | 39.9076409394 | 3.2058041451 | 26.0985205395 | 61.3035604358 | 119.8726395501 |
Q1 2024 | 35.9563484923 | 12.8770200664 | 23.6949757174 | 1.4313108151 | 46.7404275681 | 61.9128863545 | 120.5874264995 |
Q2 2024 | 36.0546839538 | 13.11984615 | 8.7626313777 | 0.6751056051 | 61.4408440407 | 61.8686763885 | 120.2830958541 |
Q3 2024 | 35.9928971138 | 13.3202428639 | 27.3316246559 | -0.2735517649 | 44.887896707 | 62.6611936104 | 124.5093615603 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.5), Capital Investment increased by €17.6 billion during the quarter (+186.7% quarter-on-quarter) with the Capital Formation element increasing by 211.9% reflecting a return to more usual recent levels compared with the lower value for Capital Formation in Q2 2024 that arose from a significant export of Intellectual Property (IP) in that quarter. Capital Investment accounted for 35.4% of total domestic demand in Q3 2024.
Exports contacted by 7.0% in Q3 2024 compared with Q2 2024 while Imports rose by 2.1% which meant that overall net exports for the quarter posted a decline of 26.9% in Q3 compared with Q2 2024 or €16.6 billion lower in money terms quarter-on-quarter. Government Expenditure on Current Goods and Services rose by 1.5% quarter-on-quarter with Personal Consumption Expenditure falling marginally in Q3 compared with the previous quarter (-0.2%). These Expenditure side impacts when combined resulted in an overall rise in Real GDP in Q3 2024 of 3.5%. Final Domestic Demand increased by 32.3% in Q3 compared with Q2, while Modified Domestic Demand grew by 1.3% over the same period.
Turning to the results for the first nine months of 2024, Net Exports rose by 8.3% over the period compared with the first nine months of 2023 or €12.1 billion in money terms. The increase in Exports of €46.4 billion for the nine months of 2024 compared with the equivalent period of 2023 outpaced the increase in Imports of €34.3 billion. Personal Consumption Expenditure rose by 2.4% in in the first nine months of 2024 compared with the same period of the previous year, Capital Investment fell by 28.0% while Government Expenditure on Current Goods and Services increased by 4.2% over the same period.
GDP | Net Factor Income from Rest of World | GNP | |
Q1 2022 | 126.1395291935 | -39.4431678667 | 86.6963613268 |
Q2 2022 | 129.2821646255 | -37.4839304496 | 91.7982341759 |
Q3 2022 | 132.5597866761 | -45.9448808581 | 86.614905818 |
Q4 2022 | 132.971296131 | -42.2981101627 | 90.6731859683 |
Q1 2023 | 125.8134656235 | -38.7824675946 | 87.0309980288 |
Q2 2023 | 124.2840944304 | -28.0740960988 | 96.2099983315 |
Q3 2023 | 121.5158286329 | -27.2107213555 | 94.3051072773 |
Q4 2023 | 119.8726395501 | -22.5575755189 | 97.3150640312 |
Q1 2024 | 120.5874264995 | -29.1753869329 | 91.4120395665 |
Q2 2024 | 120.2830958541 | -24.634697924 | 95.64839793 |
Q3 2024 | 124.5093615603 | -27.9775019833 | 96.5318595769 |
Get the data: NAQ03
Factor income outflows increased by 13.6% in the quarter, a rise of €3.3 billion in money terms compared with the previous quarter, leading to an increase in GNP of 0.9% for the third quarter compared with the previous quarter. For the first nine months of 2024 compared with the equivalent period of 2023, Factor income outflows fell by 12.7% or almost €12.2 billion in money terms
The calculation methods for quarterly accounts are similar to those used in the Annual National Accounts. As some of the available sources are of lesser reliability than those used for the annual national accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. These preliminary estimates will therefore be revised when the next detailed annual results are published.
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